Homework federal tax and management decisions 4w

These questions and problems are located in your 2021 CCH Federal Taxation Comprehensive Topics textbook by Smith, Harmelink, and Hasselback (See attachment)

Please answer the below and submit in a word document. Be careful, make sure to avoid plagiarism and to use quotation marks and proper citation as required. Use APA format for citations and the required References page. 

Chapter 13 Problems

Problem 31. What are the accounting period options for the following businesses?

a. C corporation starting business on March 11

b. Sole proprietorship starting business on May 27 with a proprietor on the calendar-year basis and a natural business year ending January 31

c. Partnership owned by three calendar-year individuals and a natural business year ending April 30

d. S corporation with a natural business year ending March 31

Problem 39. Wagner Co. is a cash-basis, calendar-year taxpayer. On August 1, 2020, it paid an insurance premium of $4,800 for coverage from August 1, 2020 to July 31, 2021. What is the largest deduction Wagner Co. can take in 2020?

Chapter 14 Problems  

Problem # 52. Bob, Sam, and Tom formed IU Inc. in 2020. Bob contributed equipment (Code Sec. 1231 property) he acquired in 2017 for $190,000. On the date of transfer, the equipment’s adjusted basis and fair market value were $100,000 and $150,000, respectively. Bob received 150 shares of IU Inc. Sam transferred land (capital asset) which he acquired in 2014. The land’s adjusted basis and fair market value on the date of transfer were $50,000 and $250,000, respectively. Sam received 250 shares of IU Inc. Tom contributed inventory with an adjusted basis of $35,000 and a fair market value of $50,000 in return for 50 shares of IU Inc.

a. What are the tax consequences to Bob?

b. What are the tax consequences to Sam?

c. What are the tax consequences to Tom?

Problem # 65 Bill decided to incorporate his printing business and to give his manager, Charlie, a share in the business. Bill’s sole proprietorship transferred the following to Tom Co.:





Accounts payable



Accounts   receivable



Printing press









Bill received 70 shares of the stock, worth $29,000. Charlie invested $2,000 in cash and received the remaining 30 shares of the stock. What are the tax consequences to Bill, Charlie, and Tom Co.?

Problem # 79. Jacobs Inc. is renovating its corporate headquarters and its new décor does not allow it to showcase art that hung on the walls before the renovation. Jacobs has decided to donate its art collection to local organizations. In the current year it gives a Remington to the Denver Museum of Art and a Renoir to Porter Hospital. The hospital intends to sell the Renoir and use the proceeds to purchase equipment. Jacob’s Inc. had purchased the Remington for $600,000 about 15 years ago and the Renoir for $2,000,000 at about the same time. At the time of the gift, the Remington was appraised for $5,000,000 and the Renoir for $25,000,000. What is the amount Jacobs can deduct for its gifts, assuming it has sufficient income?

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